live from singapore now on bbc news, business today. opec+ member member countries agree to increase increase their oil output even though though the iran war is preventing preventing some of them from implementing implementing it. plus, in the world world cup is the world cup giving giving the expected tourism boost boost to the us. a new report representing representing 32,000 properties says says it's not. hello, i'm steve lai lai and welcome to business today. today. opec+ has agreed to raise raise its oil output targets even even as the iran war continues to to import or to impact exports for for some of the group's key members. members. the seven core countries countries led by saudi arabia and and russia have agreed to their fourth fourth oil output hike since the the closure of the strait of hormuz. hormuz. our asia business reporter reporter nick marsh explains why why the move by the group is largely

largely symbolic. this is the fourth fourth month in a row that opec+ opec+ has announced an out an output output target hike, and it's the the fourth month in a row that it's it's had essentially no impact on on oil prices whatsoever. the simple simple reason is that these are just just targets and these are just output output hikes on paper. the reality reality is that the majority of these these members still need to use the the strait of hormuz to get the vast vast majority of this oil out and and to its customers. and as a consequence, consequence, the actual oil production, production, not just, you know, what's what's on paper, what these targets targets are has completely plummeted. plummeted. so if you're an oil trader trader for as long as the strait strait of hormuz remains de facto facto closed, and then you look at at the actual on the ground developments developments such as iran now saying saying it's targeting israel again, again, israel weighing up that response, response, this ceasefire hanging hanging in the balance between the

the us and iran. you're going to to look at that and think, well, well, look, there's no prospect really really of the strait of hormuz being being reopened any time soon. even even if it was, it would take a long long time for oil flows to resume resume to what they were. so at the the moment opec, opec+, you know, know, doing what it can to maybe maybe look good for the optics. but but actually these are just on paper paper increases the actual material material impact is is little to none none when it comes to actual oil oil prices. staying on oil prices prices have risen after both israel israel and iran have exchanged missile missile fire. and most recently israeli israeli military said that it has has been working to intercept a missile missile from yemen. brent is currently currently trading at $96.59, while while a us oil is trading closer closer to $94 a barrel. the markets markets here in asia have opened opened lower following events in in the middle east. the cost be lost lost nearly 9% within three minutes minutes of the opening bell in seoul, seoul, which automatically triggered triggered a circuit breaker. trading trading has since resumed and the the kospi is currently down by 4.7%. 4.7%. meanwhile, japan's nikkei is

is down by about 3.8% now. the international international air transport association association has a nearly halved its its 2026 profit forecast for global global airlines, citing the impact impact of the middle east conflict conflict on fuel costs as well as as disruptions to key air routes. routes. despite these headwinds, headwinds, the trade association association representing over 370 370 airlines, also said that passenger passenger demand has remained resilient resilient throughout this period. period. now the world's trade the the world's largest trader and ships ships for recycling, has told the the bbc that hundreds of shadow fleet fleet vessels are operating on the the high seas. beyond their design design life, with no legal route route to be decommissioned, industry industry leaders warn this could could lead to an environmental catastrophe. catastrophe. the us sanctions watchdog watchdog has now approved a special special licence allowing for sanctioned sanctioned ships to be sold for scrap. scrap. here's our business reporter reporter david weddell. when the the exxon valdez ran aground off off the coast of alaska in 1989,

1989, she spilt 37,000 tonnes of of crude oil. it was far from the the worst oil spill of its kind, kind, but it bled into thousand 300 300 miles of coastline, killing hundreds hundreds of thousands of seabirds seabirds along with thousands of of other sea creatures. it was a a turning point in maritime history. history. a year later, us congress congress passed a bill to mandate mandate a double hull design to de-risk de-risk such disasters. the single single hull was phased out of mainstream mainstream global shipping in 2015. 2015. this is the olympic loyalty. loyalty. the first double hull ship ship laid down in 1992. they're all all built like this now, but a new new risks emerging. hundreds of ageing ageing ships are still operating operating on the margins of the global global oil trade in what's known known as the shadow fleet. many are are said to be unseaworthy with obscure obscure ownership and uninsured. uninsured. unlike the mainstream mainstream fleet, they can't easily easily be scrapped. the choke point point is not the industry. the choke choke point is the governments. doctor, doctor, anil sharma, is the founder founder of mms, the world's biggest biggest cash buyer of ships for scrap. scrap. he's been campaigning for

for the scope to acquire sanction sanction ships and sell them into into facilities like here at the the port of alang in india. his firm firm has just bought four sanctioned sanctioned container ships under under a special licence, the first first of its kind by the office of of foreign assets control, an arm arm of the us treasury. this is one one a comoros flagged vessel called called bigley, sanctioned for trading trading iranian cargo. so too is is the guyana flagged rantanplan rantanplan all for about 20 years years old. but doctor sharma wants wants to get the most hazardous tankers tankers off the seas, especially especially very large crude carriers. carriers. when you remove a tanker tanker from the trade. what are you you doing? you're reducing that that that ship's ability to carry 2 million million barrels of oil per trip. trip. and so you also limiting the the ability for the sanction oil oil to move in a cost effective manner. manner. the old ships can really really undercut the market. safe safe ships would ask for a higher

higher price, higher freight. when when ageing tankers continue sailing sailing beyond their design life, life, the risks grow. sanctions make make maintenance harder, and an engine engine failure combined with fatigue fatigue in the superstructure could could lead to a catastrophe. oh, oh, terrible. just one accident. accident. 2 million barrels of oil oil is marine environment pollution. pollution. it's economic, environmental environmental disaster. the us treasury, treasury, which oversees the sanctions sanctions watchdog, did not respond respond to the bbc's request for for comment. gm's estimates there there are several hundred end of of life ships still at sea, getting getting them decommissioned is a a legal quagmire and some are abandoned. abandoned. with sanctions ships. ships. the problem is that no one one can really touch them. so the the moment a recycler enters into into a deal involving a section ship ship or a sanctioned company, there there is a real risk for the recycler recycler of being caught by the sanctions sanctions regime as well. as we've we've seen in the strait of hormuz,

hormuz, many ships face external external threats, but a growing number number of ageing ships pose their their own threat to the seas in which which they sail. david waddell, bbc bbc news. let's turn now to the fifa fifa world cup. as a recent report report from the american hotel and and lodging association has found found that bookings are well below below expectations in almost every every host city. and the report cited cited us visa barriers and the iraq iraq war as key factors for muted muted international demand. i spoke spoke to alan fyall from the university university of central florida earlier earlier and asked him if the iraq iraq war is hurting tourism into into the us ahead of the tournament. tournament. i'm not sure it actually actually impacts too many at all. all. steve, i think that the report report you quoted is a very, very very credible resource in the united united states, and it actually came came out at the time when fifa was was releasing a lot of the rooms rooms that it had booked many, many many months in advance. and i think think there was a case of a slight slight overexcitement maybe on the the part of fifa, but it really reflects reflects the reality check. and in

in many cases it excludes all the the people staying with visiting visiting friends and relatives. and and in airbnb. so i think what you you find in these tournaments as as you get closer to the date it it starts this week, you see a very, very, very sort of sudden surge. surge. and i think this weekend we've we've had crowds of 900064000 a sell-out sell-out for the usa and germany. germany. so it's rather predictable predictable when you get near to to the actual event. the power of of the world cup really takes over over whatever forces are thrown at at it. now football isn't the main main sport for the us or canada even even as well, and one of the other other host nations. do you think think that's going to be playing playing a part in this, or do you you think there'll be just enough enough critical mass to make this this a successful world cup? i think think it's a lot bigger than people people realise. if you believe the the stats, it's as big as baseball baseball now. so i think some people people will be surprised and just just seeing the crowds coming through through the airports at the moment moment on, on the screens, it's beginning.

beginning. it's beginning to bubble. bubble. and i think the united states states last had the world cup in in 1994. it's a completely different different soccer landscape now. mls mls is far more advanced. messi plays plays here, obviously, and crowds crowds of 50 60,000 in cities like like seattle, miami, charlotte, north north carolina, it's not unusual unusual now. so it's a very, very very different place. i don't think think the outside world realises realises that the united states definitely definitely moved on. on the soccer soccer front. yeah. and with that that in mind then do you think going going forward this is going to be be sort of another a boost to that that that football i know they call call it soccer over there. i find find it hard to do that myself. but but football will continue to grow grow in the united states as a result. i think it will. and it's it's as a sort of youth sport in in terms of, you know, if you drive drive anywhere in the united states states now you see kids playing soccer. soccer. it took me 12 years to say say soccer rather than football. football. but no, it's grown exponentially exponentially ever since i came here

here in 2012, it really has grown grown beyond all recognition. and and i think the tv coverage in particular, particular, it's exceptional over over here and it's something that that until you live here, you know, know, you don't really appreciate appreciate how much it's grown. and and it as with all these tournaments, tournaments, it depends how the teams teams do. so what it's england, scotland, scotland, united states. if the team team starts doing well as you progress, progress, the numbers increase and and the tourist numbers are projected projected or the spending is increased increased by 1% this year, it doesn't doesn't seem a lot, but overall, overall, $1.7 trillion industry 1.71% 1.71% in spending is actually pretty pretty significant. nasa astronauts astronauts might be heading to the the moon in luxury fashion after after prada unveiled a new inner inner layer garment designed for for them. now, the suit was developed developed in collaboration with axiom axiom space and features ventilation ventilation tubes knitted into the the garment. nasa astronauts are are expected to wear the suit in in 2028 as part of the artemis 4

4 project. that's it for this edition edition of business today. i'll see see you again at the same time tomorrow. tomorrow. bye for now.

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to us. now on bbc news, a round up up of the day's sporting action plus plus talking points analysis and and original journalism. bbc sport. sport. hello, i'm lizzie greenwood-hughes greenwood-hughes with a round-up round-up of the day's sporting news. news. here are the headlines. denmark denmark great christian eriksen collapses collapses during a friendly football football match in his hometown. paris paris slam success for alexander alexander zverev, who finally wins wins a big one. and it's five wins wins in a row for kimi antonelli antonelli is f1's teen sensation sensation moves a step closer to to the world title.